If you’re considering buying life insurance, you may have already learned that many policies require a medical exam. However, do you know why they’re needed or what’s involved in getting one?
Why do life insurance companies require medical exams?
When you apply for life insurance, the insurer will underwrite the policy by reviewing your information to determine an accurate premium based on your health risks. As part of the process, they may require a physical examination, medical records and certain lab tests, typically at their expense.
Your medical exam results help the insurer verify the information in your application, estimate your life expectancy and determine how much to charge for your policy premiums.
What is involved in the medical exam process?
To start the medical exam process, you may receive a call from a paramedical company partnering with the insurer to perform the exam and any tests required. They’ll set up the appointment, which can often be completed in less than an hour.
During the exam, you’ll likely need to answer specific health-related questions and have your blood pressure and temperature taken. The examiner may also collect blood and urine samples.
What happens after the exam is over?
Once the exam is finished, the insurance company will review all information and test results to decide if they’ll insure you and, if so, at what cost. This process could take a few weeks or a couple of months.
Not all insurance companies require medical exams, and sometimes you can avoid one by paying a higher premium or getting less coverage.
If you’d like to learn more about the process, get in touch with us anytime. We’re happy to answer any questions.
